Generative AI investor Selby acquires 18.76% stake
2023-04-19 17:32 ET - News Release
Ms. Kelly Selby of Selby Family Trust 2022 reports
EARLY WARNING REPORT ISSUED PURSUANT TO NI 62-103 ACQUISITION OF SECURITIES OF GENERATIVE AI SOLUTIONS CORP. (FORMERLY IDLE LIFESTYLES INC.)
This press release is being disseminated as required by National Instrument 62-103 in connection with the filing of an early warning report regarding the acquisition of securities of Generative AI Solutions Corp. (formerly Idle Lifestyles Inc.), 550 Burrard St., Suite 2300, Vancouver, B.C., V6C 2B5.
On April 17, 2023, Selby Family Trust 2022 acquired an aggregate of 9.6 million common shares in the share structure of the company, at a deemed price of 15 cents per common share, as part of a reverse takeover transaction whereby the company acquired all of the issued and outstanding shares of Ultron Capital Corp. in exchange for an aggregate of 51,176,001 common shares issued to the former holders of the shares of Ultron on a pro rata basis, which took place privately and through the facilities of the Canadian Securities Exchange.
Prior to the closing of the transaction, the acquirer did not hold any common shares. Following the completion of the transaction, the acquirer holds an aggregate of 9.6 million common shares for 18.76 per cent of the issued and outstanding common shares of the company. Upon conversion of all of the Class B shares issued and outstanding on behalf of the company, the acquirer would hold an aggregate of 16.92 per cent of the issued and outstanding common shares on a fully converted and non-diluted basis.
The common shares were acquired for investment purposes only and not for the purpose of exercising control or direction over the company. The acquirer may, from time to time, increase or decrease its shareholding or continue to hold securities of the company as it may determine appropriate in the normal course of investment activity. In the future, the acquirer may, directly or indirectly, acquire additional securities of the company or dispose of such securities subject to a number of factors, including, without limitation, general market and economic conditions, and other investment and business opportunities available.